Refurbishment and Replacement Demand to Fuel Growth
DUBLIN, May 24, 2021 / PRNewswire / – The “Market size of HVAC systems, analysis of share and trends by product, by end use, by region and forecasts by segment, 2021-2028” report has been added to From ResearchAndMarkets.com to offer.
The global HVAC systems market is expected to be reached $ 197.50 billion by 2028, with a CAGR of 5.9% over the forecast period.
Increasing acceptance of energy efficient and renewable energy products is expected to be a major driver of the market. In addition, climate changes have made heating and cooling equipment a necessity rather than a luxury. Thus, the deteriorating climate condition is likely to positively impact the market over the forecast period.
Proactive government initiatives will emerge during the forecast period as drivers of market growth.
For example, under the Taxpayer Relief Act of 2012 (US) -2017, customers can apply for the Federal Energy Tax Credit. Likewise Australia The Ministry of the Environment and Energy has introduced the program “discounted energy-efficient air conditioners for households”, which offers a discount between $ 200 to $ 1,000 to New South Wales residents who buy high-efficiency air conditioners for household purposes. Various governments around the world are introducing such initiatives to promote the adoption of products.
In addition, the market is expected to experience healthy growth as a result of renovation and replacement demand. Several customers are replacing old equipment with new energy-efficient units for energy savings, better performance and cost reduction. The factors responsible for the replacement of the HVAC unit (heating, ventilation and air conditioning) are the age of the system, remodeling of the building, poor air quality and high repair costs.
The spread of the new coronavirus in 2020 resulted in the closing of production facilities around the world in the first quarter. As a result, several major players recorded significant sales declines in the first half of 2020.
However, pent-up demand and increasing awareness of a hygienic environment have led to higher product sales in recent times and are expected to continue in the coming years. Overall, the Covid-19 pandemic has had a minor impact on the market and the industry is expected to show steady growth in the coming years.
Highlights of the HVAC System Market Report
The refrigeration systems segment dominated the market in 2020 and is expected to maintain its leading position in the future due to increasing demand for air conditioning systems in various sectors.
With a steady increase in the global real estate sector, the residential segment achieved a significant revenue share in 2020.
The segment is expected to grow at a steady CAGR from 2021 to 2028 as a result of rising demand from modern households in emerging economies.
Middle East & Africa is expected to grow at a healthy CAGR over the forecast period due to increasing construction activity, the growing tourism industry and rising temperatures in the region.
Since the outbreak of the coronavirus, important market players have focused on introducing products that can improve air quality.
In February 2020Launched Havells India Ltd. Grande Heavy-Duty Air Conditioner under the brand name Llyod. The AC features a catechin-coated dust filter and a Green Bio air filter, along with anti-bacterial Eva coils, which improve air quality.
Chapter 1. Methodology and scope
Chapter 2. Summary
2.1. HVAC Systems Market – Industry Snapshot & Key Buying Criteria, 2017-2028
Chapter 3. Market variables, trends and scope of HVAC systems
3.1. Market size and growth outlook, 2017-2028
3.2. Industry value chain analysis
3.3. Market dynamics
3.3.1. Market indicator analysis
3.3.2. Market Restriction / Challenge Analysis
3.3.3. Analysis of market opportunities
3.4. Mapping penetration and growth prospects (priority given to key opportunities)
3.5. Analysis tools for the business environment
3.5.1. Industry Analysis – Porter’s Five Forces Analysis
3.5.2. PEST analysis
Chapter 4. Market for HVAC systems: product outlook
4.1. HVAC systems market share by product, 2020 and 2028 (USD billion)
Chapter 5. Market for HVAC systems: Outlook for end use
5.1. HVAC systems market share by product, 2020 and 2028 (USD billion)
Chapter 6. Market for HVAC systems: regional outlook
6.1. HVAC systems market share by region, 2020 and 2028 (USD billion)
Chapter 7. Competitive landscape
Daikin Industries, Ltd.
Emerson Electric Co.
Havells India Ltd.
Johnson Controls International plc
From Lennox International, Inc.
Mitsubishi Electric US Inc.
Rheem Manufacturing Company
Samsung Electronics Co. Ltd.
For more information on this report, visit https://www.researchandmarkets.com/r/erru7v
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